Regulation 17 Objective 1: determining claim entitlements

(1)

The administrator must, in respect of an asset pool, as soon as reasonably practicable after appointment, determine—

(a)

the identity of every user or holder on behalf of whom the institution was required to safeguard relevant funds, and

(b)

for each such person, the amount of relevant funds which it was required to safeguard.

(2)

The determination under paragraph (1) must relate to the precise time at which the institution entered special administration.

(3)

The administrator may, where making that determination, have regard to the particulars of—

(a)

any transactions involving the institution,

(b)

the institution’s internal records or systems,

(c)

any payment systems which the institution participates in (whether directly or indirectly),

(d)

any internal or external records involving the institution,

(e)

any agency, distribution or outsourcing arrangements the institution has entered into, or

(f)

any information obtained through the bar date or hard bar date process set out in regulations 20 and 21 respectively.

(4)

Nothing in this regulation prevents an administrator from subsequently revising any determination under paragraph (1), in pursuit of Objective 1.